Contractor and Owner waive their respective rights to a trial by jury on any Claim or cause of action upon, arising under, arising out of or related to this Contract or other proceeding or litigation of any type brought by any of the parties against any other party whether with respect to contract Claims or actions, tort Claims, or otherwise. Contractor and Owner agree that any such Claim or cause of action shall be tried without a jury. Without limiting the foregoing, the parties further agree that their respective right to a trial by jury is waived by operation of this section as to any action, counterclaim or other proceeding which seeks, in whole or in part, to challenge the validity or enforceability of this Contract.
Contractor and Owner recognize that the time is of the essence of this Agreement and that Owner will suffer financial loss if the Work is not completed within the time frame specified in paragraph 2.2, above, plus any extensions thereof allowed in accordance herewith. The Parties also recognize the delays, expense and difficulties involved in proving in a legal or arbitration setting the actual loss suffered by Owner if the Work is not completed on time. Accordingly instead of requiring such proof Owner and Contractor agree that as liquidated damages for delay (and not as a penalty) Contractor shall pay to Owner $500.00 for each calendar day that expires after the date specified in paragraph 2.2 for Substantial Completion until the Work is Substantially Complete. After Substantial Completion, if Contractor shall neglect, fail or refuse to complete the remaining Work within the time stated for Final Completion, or any proper extension thereof granted by Owner, Contractor shall pay to Owner $500.00 for each calendar day that expires after the time specified in paragraph 2.2 for completion and readiness for final payment until the Work is completed and ready for final payment.
Contractor and Owner both acknowledge and agree that this transaction has been consummated without the benefit of or assistance from a broker of any type and that no commission is or will be due to anyone in regard to this transaction.
Contractor and Owner acknowledge that the Contract Documents shall not be construed against Owner due to the fact that they may have been drafted by Owner. For purposes of construing the Contract Documents, both Contractor and Owner shall be considered to have jointly drafted the Contract Documents.
Contractor and Owner. For purposes of this project, MSU-B will enter into all contracts related to the expenditure of the funds dedicated to the project and will act as owner in connection with the description of the work in the Scope of Work. MSU-B will follow all requirements necessary for such contracts under state law and university policy.
Contractor and Owner each recognize and acknowledge the competitive and confidential nature of the Confidential Information and each agrees that irreparable damage may result to the other Party if Confidential Information of such other Party is disclosed to any third party except as herein permitted or is used for any purpose other than the purposes of this Agreement. The Parties agree that money damages may not be a sufficient remedy for any breach of this Article 24. Accordingly, the Parties agree that a Party whose Confidential Information is disclosed to a third party in breach of this Article 24 shall be entitled to an injunction or injunctions (without the posting of any bond and without proof of actual damages) to prevent breaches or threatened breaches of this Article 24, and to specific performance of this Article 24, and that neither the other Party nor its Affiliates will oppose the granting of such relief. Such remedies shall not be deemed to be the exclusive remedies for a breach of this Article 24, but shall be in addition to all other remedies available at law or equity.
Contractor and Owner do hereby acknowledge that “actual damages are uncertain and would be difficult to ascertain” and therefore both parties do hereby mutually agree that the following stipulated sum of per diem liquidated damages is a reasonable amount. The parties further express and acknowledge that the amount of liquidated damages is meant to be “compensatory” and not “punitive”, and Contractor further agrees to pay, as liquidated damages, the sum of FOUR HUNDRED DOLLARS ($400.00) per day for each consecutive calendar day there-in-after the date of Substantial Completion and after the date of Final Completion.
Contractor and Owner shall Notify the other Party of any and all incidents giving rise to an insurance claim, and otherwise keep the other Party timely apprised of insurance claim proceedings.
